Grandbridge Lands Financing for Student Housing in Iowa City
The company provided a $43.8 million loan to renovate a market-rate apartment community near University of Iowa.
by Adina Marcut
Quarters at Iowa City
Iowa City, Iowa—Grandbridge Real Estate Capital recently closed a $43.8 million first mortgage construction/renovation loan for a student housing property located near the University of Iowa and Kirkwood Community College Iowa City.
The existing 400-unit, market-rate apartment community will be converted by the developer, The Tailwind Group, into a 336-unit premier student housing community called Quarters at Iowa City.
Proposed work at the site will include the renovation of 16 existing buildings, the construction of eight new buildings and a new, two-story clubhouse. Community amenities will include the 15,200-square-foot clubhouse, a resort style pool, 24-hour fitness center, student lounge, indoor and outdoor sport courts, tanning beds, study areas, as well as a shuttle bus service to the University of Iowa.
Minneapolis-based vice presidents Brett Olson and Dick Riley originated the transaction and the 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships. The community is slated to open in August 2017.
Image courtesy of Quarters at Iowa City
